Dominion Diamond Corp, the Canadian miner with interests in Diavik and Ekati mines has reported a third successive profitable quarter, with net profit of US$ 33.6 million for the period Aug-Oct 2014. This is against a net loss of US$ 6.6 mn in the same quarter last year and a profit of US$ 24.2 mn during the previous quarter of the current financial year. The company recently released its financial results for Q3 and the first nine months of the year.

The third quarter consolidated net income attributable to shareholders was US$25.5 mn or US$ 0.30 per share which translated into a consolidated net income attributable to shareholders of US$ 66.7 mn or US$ 0.78 per share. The company has promised that it will distirbute a dividend at the year end to all shareholders.

Brendan Bell, Acting Chief Executive Officer stated: “While we continue to focus on the strategic development of our future resources, we are also taking a very disciplined approach to executing on our current mine plan. This disciplined approach is apparent in these strong results.”

Dan Jarvis, Acting Chairman stated: “This decision by the board is based on our confidence that we can both fund our expansion plans for the business as well as sustain regular distributions to our shareholders.”

It may be recalled that, as reported by gjepc.org in November, Dominion had earlier released reports of the operational performance of its Diavik and Ekati mines. The miner had said that total third quarter sales grew by 50% to US$ 222.3 million compared to US$ 148.1 million in Q3 fiscal 2014. Of this US$ 141.9 mn accrued from Ekati and US$ 80.4 mn from Diavik. This does not include a an estimated 0.17 million carats of production from the Misery Satellite pipes for estimated proceeds of US$ 13.6 million for an average price per carat of US$ 79.

The company statement said that Ekati had higher than expected grades and operational improvements to the processing plant which increased the recovered grade by approximately 15% during the nine month period ending October 31, 2014.